See 40 Syracuse properties that save $5.3 million a year from generous tax break

Property owners can get a 12-year tax exemption if they convert a commercial building to a mix of residential and commercial uses. With the 485-a exemption, owners pay no taxes for eight years on the improvements they make. After that, the exemption phases out 20 percent per year. It's one of the most generous tax exemptions available to developers.

Theory Syracuse: estimated 12-year savings $9.2 million

Tim Knauss

Theory Syracuse: estimated 12-year savings $9.2 million

Large mixed-use building with apartments for 600 college students, ground-floor commercial space (still under construction). Replaces three buildings that were demolished.